Bank pressured me to borrow more than i wanted

I-Want-To-Move

Hi,
I took out a loan with a well known bank approx 3 years ago.
The person in the branch when I took out the loan pressured me in to taking £3k over what I wanted to borrow. His reasoning was the more you borrow, the cheaper it is because the interest is cheaper. I was foolish and was swayed by the sales talk. At the time I was having a bad run of luck and the money helped to 'cheer me up' and cover up to friends and family the fact that actually I was financially struggling. I am responsible for being led and agreeing to the higher loan but I didn't want it and it was irresponsible to lend it to me. I am now struggling to pay it back so have agreed reduced payments until it is cleared. Can I get any sort of compensation for this? I know it is not the same as PPI claims but it is still a kind of inapproriate selling?

angelsmomma

No you can't, no one forced you to take the loan you chose to.

jonesMUFCforever

If you spent it rather than overpay you have to pay it back.

I-Want-To-Move

Ahhh well. Will plod on..

iancrt

I-Want-To-Move wrote: »

it is still a kind of inapproriate selling?

Yes it is, but they will have told you this at the time - basically telling you 'they are simply selling the product and are in no way qualified to advise you that its a good idea or right for you'
It will be in the 'Key Facts' document, so you agreed to have it inappropriately sold to you.

To be fair, you took the loan for all the wrong reasons, even without the extra £3k you would have got in trouble. You have done the right thing and dealt with it, plod on until you can take different action.

Looking for easy ways out just stresses people.

Nice_Weather_For_Ducks

If "talking up sales" was made illegal, all car showrooms would close overnight for a start LOL

Bottom line is, make sure you are 100% happy with what you are buying/borrowing, and understand the terms of the sale/loan BEFORE signing a legally binding agreement.

InsideInsurance

Agree with the above and additionally with all financial services products you have a legal cooling off period so after walking away and thinking about it you had the opportunity to backout without financial cost.

You were evidently happy at the time and sounds like only now you've spent it and are struggling to repay that it suddenly doesnt sound such a good idea and so youre looking for a scapegoat

opinions4u

The bank made you aware of how to access a cheaper rate.

It's a choice you made.

If they hadn't done so you'd have been here saying "I'm furious that the never told me I could have borrowed more at a cheaper rate ...."

Duke203

If someone really did have the screws turned in branch, they also have a cooling off period of 2 weeks in which to cancel in the safety and comfort of their own home.

poppasmurf_bewdley

Why didn't you just pay the £3k back into the loan account as an overpayment if you didn't want or need it? Or did that not occur to you?

Or did you just spend the money?

And no, you stand no chance whatsoever of getting any compensation.

sulkisu

I-Want-To-Move wrote: »

Hi,
I took out a loan with a well known bank approx 3 years ago.
The person in the branch when I took out the loan pressured me in to taking £3k over what I wanted to borrow. His reasoning was the more you borrow, the cheaper it is because the interest is cheaper. I was foolish and was swayed by the sales talk. At the time I was having a bad run of luck and the money helped to 'cheer me up' and cover up to friends and family the fact that actually I was financially struggling. I am responsible for being led and agreeing to the higher loan but I didn't want it and it was irresponsible to lend it to me. I am now struggling to pay it back so have agreed reduced payments until it is cleared. Can I get any sort of compensation for this? I know it is not the same as PPI claims but it is still a kind of inapproriate selling?

Oh dear. I feel a campaign starting .